1. A retailer received an invoice for $850 dated March 23, 2009, with payment terms of 5/10 1/20 n/30 E.O.M. The store made a partial payment of $400 on April 3rd, 2009. a) How much is credited to their account on that day? ($421.05) b) If they completely paid off the balance on April 12th, what amount was sent on that date?($424.66)
Q: Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an…
A: Part 1: Journal entry for the bad debt as follows:
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: What is the net amount due (in $) on the order if the bill is paid by the 20th day?
A: Here is the answer for the above question.
Q: The following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…
Q: THE BALANCES OF THE ACCOUNTS OF MONGOLIA TRADING ON DECEMBER 31,2009 ARE AS FOLLOWS: YOU ARE…
A: The question is related to Trial Balance as on 31st December 2009
Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…
A: SOLUTION- ACCOUNTS PAYABLE ARE AMOUNT DUE TO VENDORS OR SUPPLIERS FOR GOODS OR SERVICES THAT HAVE…
Q: See the attached pic first before answering. On June 18, ABC Company paid the purchases on June 13…
A: Purchase discount is the allowance or reduction which is allowed on purchases of the business and…
Q: On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60.…
A: Sales Discounts = Sales value x discount rate = $4500 x 2% = $90
Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Formula: Sales discount = Net sales x Discount rate
Q: Joyce's Company received an invoice for $211,250 dated November 4, 2011 with payment terms 7/3,…
A: Invoice amount is $211,250 dated November 4, 2011 payment terms 7/3, 2/20, n/45 which means if…
Q: On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers…
A: Purchases are debited at the time of purchase. When merchandise is returned an allowance entry is…
Q: On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The…
A: A trade discount is offered to the customer to encourage him to purchase the products in bulk…
Q: 1) Omani Company's ledger showed an ending accounts payable balance of OR 25,000 on June 30, 2020.…
A: The ending balance of accounts payable can be calculated by adding up credit purchase and deducting…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 11 Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: Total Accounts receivable from the retailer = OMR 20000 credit term for discount = 2% discount…
Q: A retailer received an invoice of RO 2500 with the terms 3/12, n/30 ROG on January 25th. The goods…
A: Given Invoice Amount = RO 2500 Term = 3/12, n/30
Q: he following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entries are a record of financial transactions.
Q: USA Trading Corporation and you need to record the following transactions in the General Journal &…
A: Separate entries are passed for sales and cost of sales
Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…
A: Formula: Sales discount = Net sales x Discount rate
Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…
A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400
Q: The following items were selected from among the transactions completed by O'Donnel Co. during the…
A: Note Payable :— Note Payable is Liability in nature sometimes Note payable are Long term Borrowing…
Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: From the statement below which answer matches the statement above:
A: Given information is: On April 1, 2015, PT Air Minum Kemasan sold 1500 gallons to PT Indah Catering.…
Q: On November 10, JumpStart Co. provides $2,260 in services to clients. At the time of service, the…
A: The question is based on the concept of Financial Accounting.
Q: On March 5, Zulu Company Sold $20,000 of Merchandise to a customer on Credit with Terms of 3/10,…
A: The journal entry for the above transaction is recorded below :
Q: On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in…
A: Reduction in price offered by the seller should be treated as return and allowances and recorded…
Q: Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30.…
A: Given, Purchases = $30,000 Purchase returns = $8,000 Cash discount = 1%
Q: The following is the transaction of the trading company "Mars" in December 2020 • On 2 December 2020…
A: The transactions for sale and purchase of merchandise are to be recorded in the General Journal.
Q: On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs.…
A: Gross Method :— Under this method, sales and purchases are recorded at gross price or full price…
Q: The following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entries:
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…
A: Formula: Cash discount amount = Sales amount x discount rate
Q: J&J Enterprises received an invoice of ₱10,750 for office materials dated 15 Sept, with terms of…
A: The discount is received when the payment is paid within the discounted period.
Q: Determine the amount paid to settle the following invoice. Invoice amount = $4,602.00 Payment terms…
A: Invoice- An invoice is a time-stamped business certificate that itemizes and records a transaction…
Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…
A: a) Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…
Q: 1,400,000
A: Accountants payable means amount payable by firm to vendor. Accountant payable consider only Credit…
Q: Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe…
A: Formula: Total Invoice = Purchase price + VAT
Q: Nizwa Shopping Center sold RO 2,000 of equipment account last month. If a customer returned…
A: When the equipment was sold the journal entry recorded in the books would be: Account Journal…
Q: 1. The following details were obtained from the books of Bee's Knees, a retailer located in Kingston…
A: A ledger is a log or list of accounts that keep track of account transfers. A trial balance's main…
Q: DN Trading had the following selected transactions on November 5: Purchase of furniture on account,…
A: The total amount credited to cash account would consist of all payments made
Q: Maddie Inc. has the following transactions for its first month of business. Transactions May 1…
A: Solution:- 1)Calculation of the individual account balances, and the total balance, in the accounts…
Q: On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the…
A: The trade discount is not recorded in the books. It is just deducted from the list price to get the…
Q: Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the…
A: Accounts Payable balance at December 31, 2010 before adjustments: $1,500,000 Goods were shipped to…
Q: An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received…
A: EOM stands for end of Month and ROG stands for receipt of goods.
Q: What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still…
A: Sales can be done on a cash or credit basis. When sales are on cash basis, cash will be received…
Q: On 6th August, Tasha purchased goods on credit from Nisha Ltd, with a list price of $3,360, less…
A: The cash balance due to suppliers is calculated after adjustment for purchase returns, and purchase…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalReview the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
- Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Nido Co. has a standing agreement with a supplier for purchasing car parts. The terms of the agreement are 3/15, n/30 from the invoice date of September 1. The company makes a purchase on September 1 for $5,000 and pays the amount due on September 13. What amount does Nido Co. pay in cash on September 13? A. $5,000 B. $4,850 C. $150 D. $4,250The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.